Fidelity hires ex-Schwab exec for RIA business

Fidelity Investments has hired David Canter, a lawyer who spent more than eight years at competitor Charles Schwab & Co. Inc., for a newly created position as chief operating officer of its investor wealth services unit. Mr. Canter joined Fidelity this month and reports to Michael Durbin, president of the unit that provides custody services and execution to registered investment advisers, Fidelity spokesman Stephen Austin confirmed. “He knows the RIA custody business very well and has extensive compliance, legal, operational and general institutional industry knowledge,” he said. Mr. Canter, who will oversee client-related functions such as business development, analytics and coordination of compliance and risk management, is an executive vice president and serves with five other senior managers on the wealth services unit's executive committee. Mr. Canter left Schwab last year for a position as chief legal and compliance officer at Post Advisory Group, a high-yield bond manager with 14 employees and more than $8 billion under management, according to its website.